Lending Startup Upgrade Closes $105M Series E Round

Upgrade, the lending startup co-founded by the former CEO of Lending Club, Renaud Laplanche, has raised $105 million in a Series E funding round that takes the firm’s valuation to $3.325 billion.

• The funding round was led by Koch Disruptive Technologies with contributions from new and existing investors, including BRV and Ventura Capital advised by Julius Baer.
• In July, Upgrade launched its Bitcoin Rewards Card, a credit card that pays rewards in bitcoin rather than cash.
• "We created the Upgrade Bitcoin Rewards Credit Card for those consumers who are either crypto enthusiasts or are just getting started, and wanted a low-risk way to participate in the crypto economy," Laplanche, the CEO of Upgrade, said in a statement to CoinDesk.
• The Upgrade card is the company's flagship product and pays rewards to cardholders as they pay down their balance.
• "We have experienced unprecedented growth and profitability this year, and the additional capital will enable us to further establish Upgrade Card as a mainstream credit card and continue designing innovative products that benefit consumers," said Laplanche.

UPDATE (Aug. 11, 16:16 UTC): Adds quote from Laplanche.